Taking action to protect vulnerable consumers

EXPOSURE draft legislation to increase protections for the vulnerable consumers who access Small Amount Credit Contracts (SACCs) and consumer leases has been released for two weeks of consultation.

This legislation implements the Government's response to the Review of the Small Amount Credit Contract Laws previously by the Minister for Revenue and Financial Services on 28 November 2016.

Minister for Small Business Michael McCormack said these reforms will increase financial inclusion and reduce the likelihood of vulnerable consumers defaulting on repayments and encountering difficulties meeting their basic needs.